Tax authorities worldwide will have another tool for combating tax evasion under a new standard issued by the Organisation for Economic Co-operation and Development. The standard provides for an automatic exchange of financial information.

Companies from the U.S. and Europe have been more hesitant than Chinese companies to invest in Africa. China is looking to secure natural resources but also to expand its economic dominance and promote its currency.

The D.C. Circuit Court of Appeals ruled that the IRS exceeded its statutory authority when it issued regulations imposing various requirements on about 600,000 unenrolled tax return preparers. The ruling upheld a lower court decision in a lawsuit filed by three tax return preparers, who argued the IRS has no authority to regulate the preparation of tax returns.

Claims made against CPAs in the AICPA Professional Liability Insurance Program alleging failure to detect theft and fraud emanate from all types of engagements, including those generally regarded by CPAs as low-risk, such as bookkeeping or tax compliance services.

Regulations passed in China since President Xi Jinping announced his anti-corruption campaign have led to the punishment of government officials. But limiting extravagant spending on galas, cars, and gifts is affecting the global luxury goods market.

Credit unions and other customer-owned lenders in Australia are lobbying the Australian government to apply a tax on some of the biggest banks in an effort to increase competition and reduce risk in the financial system.

German multinationals have asked for their data to be processed in Germany and German IT startups expect demand for their data protection services to rise in the wake of the NSA spying scandal, which has damaged trust in U.S. technology firms.

The March 18 webcast on the “Impact of Emerging Technologies on Ethics” explores the revamped AICPA ethics code and ethical issues as they relate to IT professionals and addresses threats posed by emerging new technologies. IMTA Section members, including CITP credential holders, save 20% on this webcast.

About the AICPAThe American Institute of CPAs is the world's largest member association representing the accounting profession, with more than 394,000 members in 128 countries and a 125-year heritage of serving the public interest. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant (CGMA) designation to elevate management accounting globally.